Detail of Jackson Pollock's famous painting, which is owned by the University of Iowa. A state lawmaker want to sell the 1943 painting and set up a scholarship endowment for art majors at the university.

An Iowa lawmaker today offered a creative solution to funding scholarship for art students at the University of Iowa: sell the school's Jackson Pollock masterpiece, which is worth about $140 million.

Rep. Scott Raecker, R-Urbandale, who chairs the House Appropriations Committee, said proceeds from the sale of Pollock's 1943 Mural would go into an endowment that could provide $5 million a year for state residents majoring in art at UI, The Gazette of Cedar Rapids reports. If annual interest topped $5 million, it would fund financial aid for other liberal arts majors.